Asian Tea & Exports board approves acquisition of Greenol Laboratories

Asian Tea & Exports has secured its board’s nod to acquire entire stake in Greenol Laboratories.

The company is expected to pay Rs 50 per share for 100% equity stake or 980,000 shares of Greenol Laboratories.

Following this acquisition, Greenol Laboratories will become a wholly-owned subsidiary of the company.

Asian Tea & Exports is a government of India recognized export house with business turnover in excess of Rs 100 crore. Its tea blending and packing plant is set up as a 100% Export Oriented Unit (EOU). The company exports tea to countries like Kazakhstan, Russia, Iran, UAE, Iraq, Uzbekistan, Pakistan, Afghanistan, Egypt, Saudi Arabia, Germany, USA, Kenya, Sri Lanka, Hong Kong, UK, and Japan.